公司战略和净现值分析

《公司战略和净现值分析》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、ChapterOutline8.1CorporateStrategyandPositiveNPV8.2DecisionTrees8.3SensitivityAnalysis,ScenarioAnalysis,andBreak-EvenAnalysis8.4Options8.5SummaryandConclusionsIntroducenewproductsAppleCorporationandthemouseDevelopcoretechnologyHondaandsmallenginesCreatebarriertoentryQualcomm’spaten

2、tsonproprietarytechnologyIntroducevariationsonexistingproductsChrysler’sPTCruiserCreateproductdifferentiationCoca-Cola—it’stherealthingUtilizeorganizationalinnovationMotorolajust-in-timeinventorymanagementExploitanewtechnologyYahoo!’suseofbanneradvertisementsonthewebCorporateStrate

3、gyandPositiveNPVCorporateStrategyandtheStockMarketThereshouldbeaconnectionbetweenthestockmarketandcapitalbudgeting.IfthefirminvestsinapositiveNPVprojects,thefirm’sstockpriceshouldgoup.Sometimesthestockmarketprovidesnegativecluesastoanewproject’sNPV.ConsiderAT&T’srepeatedatt

4、emptstopenetratethecomputer-manufacturingindustry.8.2DecisionTreesAllowustographicallyrepresentthealternativesavailabletousineachperiodandthelikelyconsequencesofouractions.ExampleofDecisionTreeDonotstudyStudyfinanceOpencirclesrepresentdecisionstobemade.Filledcirclesrepresentreceipt

5、ofinformatione.g.atestscoreinthisclass.Thelinesleadingawayfromthecirclesrepresentthealternatives.“C”“A”“B”“F”“D”StewartPharmaceuticalsTheStewartPharmaceuticalsCorporationisconsideringinvestingindevelopingadrugthatcuresthecommoncold.Acorporateplanninggroup,includingrepresentativesfr

6、omproduction,marketing,andengineering,hasrecommendedthatthefirmgoaheadwiththetestanddevelopmentphase.Thispreliminaryphasewilllastoneyearandcost$1billion.Furthermore,thegroupbelievesthatthereisa60%chancethattestswillprovesuccessful.Iftheinitialtestsaresuccessful,StewartPharmaceutica

7、lscangoaheadwithfull-scaleproduction.Thisinvestmentphasewillcost$1,600million.Productionwilloccuroverthenext4years.StewartPharmaceuticalsNPVofFull-ScaleProductionfollowingSuccessfulTestNotethattheNPViscalculatedasofdate1,thedateatwhichtheinvestmentof$1,600millionismade.Laterwebring

8、thisnumberbackto